Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02.

On July 27, 2018, Portland General Electric Company (PGE or the Company) issued a press release announcing its financial results for the three and six month periods ended June 30, 2018. The press release is furnished herewith as Exhibit 99.1 to this Report.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 7.01.

At 11:00 a.m. ET on Friday, July 27, 2018, the Company will hold its quarterly earnings call and webcast, and will use a slide presentation in conjunction with the earnings call. A copy of the slide presentation is furnished herewith as Exhibit 99.2 to this Report.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PORTLAND GENERAL ELECTRIC COMPANY

(Registrant)

Date:

July 26, 2018

By:

/s/ James F. Lobdell

James F. Lobdell

Senior Vice President of Finance,

Chief Financial Officer and Treasurer

2

Exhibit

Exhibit 99.1

Portland General Electric

One World Trade Center121 S.W. Salmon StreetPortland, Oregon 97204

News Release

July 27, 2018

Media Contact:

Investor Contact:

Melanie Erdmann

Chris Liddle

Corporate Communications

Investor Relations

Phone: 503-464-8790

Phone: 503-464-7458

Portland General Electric announces second quarter 2018 results

•

Settlement of Carty Generating Station litigation allows for full offset of incremental construction costs

•

Increasing guidance from $2.10-$2.25 to $2.25-$2.40 per diluted share

•

SP Global upgraded PGE’s issuer credit rating from BBB to BBB+

PORTLAND, Ore. - Portland General Electric Company (NYSE: POR)today reported net income of $46 million, or 51 cents per diluted share, for the second quarter of 2018. This compares with net income of $32 million, or 36 cents per diluted share, for the second quarter of 2017.

“I’m pleased to put the Carty litigation behind us and recognize the increase in our credit ratings,” said Maria Pope, president and CEO. “In addition, we’re making progress in bringing customers new renewable resources and programs, including
our renewable RFP and green tariff.”

Q2 2018 earnings compared with Q2 2017 earnings

Lower natural gas prices and reduced plant maintenance expenses drove the increase in second quarter earnings per diluted share for 2018 in comparison with second quarter of 2017. Additionally, a decrease in distribution-related expenses due to the absence of major storms in 2018 and an increase in production tax credits was partially offset by gross margin due to temperatures that were warmer than prior year as well as increased administrative expenses.

Company update

Carty Generating Station

On July 16, 2018, PGE entered into a settlement with the other parties to resolve all claims relating to Carty construction between PGE and each of the Abeinsa EPC LLC; Abener Construction Services, LLC; Teyma Construction USA, LLC; and Abeinsa Abener Teyma General Partnership (collectively, the Contractor); Abengoa S.A., Liberty Mutual Insurance Company and Zurich American Insurance Company (together, the Sureties). Under the terms of the settlement, (i) the Sureties have paid $130 million to PGE, and (ii) the Contractor, Abengoa S.A., and the Sureties have released all claims against PGE arising out of the Carty construction, and in return, PGE has released all such claims against the Contractor, Abengoa S.A., and the Sureties.

1

2019 General Rate Case

On February 15, 2018 the 2019 General Rate Case was filed, and parties are currently in the testimony phase. Several settlement discussions have been held with parties and have resulted in agreement on all power-cost related matters as well as some non-power-cost items, such as cost of capital. Stipulations regarding these agreements are in progress and will become available in the coming weeks.

PGE filed reply testimony on the remaining items on July 13, 2018, and held additional settlement discussions on July 23, 2018. A final order is expected from the Oregon Public Utility Commission (OPUC) by the end of the year, with a price change effective January 1, 2019.

Renewable Request for Proposal (RFP)

PGE issued an RFP on May 22, 2018 for the 100 average megawatts of renewable resources needed as identified in its 2016 Integrated Resource Plan. All submissions were due on June 15, 2018. As planned, PGE submitted a self-build benchmark proposal for a greenfield wind project. The bids are currently under review with oversight from an independent third-party evaluator appointed by the OPUC to ensure that all bids are evaluated consistently and impartially. A shortlist will be established and submitted to the OPUC in October with final contract execution expected by December 31, 2018.

2

Second quarter operating results

Earnings Reconciliation of Q2 2017 to Q2 2018

(in $millions, except EPS)

Pre-Tax Income

Net Income*

Diluted EPS **

Reported Q2 2017

$

42

$

32

$

0.36

Revenue

Electric retail price change

8

6

0.06

Electric retail volume change

(6

)

(4

)

(0.05

)

Change in decoupling deferral

(4

)

(3

)

(0.03

)

Electric wholesale price and volume change

6

4

0.05

Other Items

(4

)

(3

)

(0.03

)

Change in Revenue

—

—

—

Power Cost

Change in average power cost

21

15

0.17

Change purchased power and generation

(7

)

(5

)

(0.06

)

Change in Power Costs

14

10

0.11

O&M

Generation, transmission, distribution

10

7

0.08

Administrative and general

(5

)

(4

)

(0.04

)

Change in O&M

5

3

0.04

Other Items

Depreciation and amortization

(7

)

(5

)

(0.05

)

Other Items

(2

)

(1

)

(0.02

)

Adjustment for effective vs statutory tax rate

7

0.07

Change in Other Items

(9

)

1

—

Reported Q2 2018

$

52

$

46

$

0.51

* After tax adjustments based on PGE’s statutory tax rate of 27.5%

** Some values may not foot due to rounding

The following table indicates the number of heating and cooling degree-days for the three months ended June 30, 2018 and 2017, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport:

Heating Degree-days

Cooling Degree-days

2018

2017

Avg.

2018

2017

Avg.

April

338

421

373

9

—

2

May

89

196

204

34

41

19

June

44

69

79

73

88

64

Totals

471

686

656

116

129

85

(Decrease)/increase from the 15-year average

(28)%

5%

36%

52%

3

2018 earnings guidance

PGE is revising its 2018 guidance from $2.10-$2.25 to $2.25-$2.40 per diluted share due to better-than-expected weather when initial guidance was launched and settlement of Carty litigation. The guidance is based on the following assumptions:

•

$0.12 per diluted share attributed to Carty settlement

•

Flat retail deliveries, weather-adjusted

•

Normal hydro conditions for the remainder of the year, based on the current hydro forecast

•

Wind generation for the remainder of the year, based on five years of historical levels or forecast studies when historical data is not available

•

Normal thermal plant operations for the remainder of the year

•

Depreciation and amortization expense between $365 and $385 million

•

Operating and maintenance costs between $565 and $585 million

Second Quarter 2018 earnings call and webcast — July 27, 2018

PGE will host a conference call with financial analysts and investors on Friday, July 27, 2018, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Friday, July 27, 2018, through Friday, August 3, 2018.

Maria Pope, president and CEO; Jim Lobdell, senior vice president of Finance, CFO, and treasurer; and Chris Liddle, director, Investor Relations and Treasury, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income and comprehensive income, condensed consolidated balance sheets, and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

# # #

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, serving approximately 883,000 customers in 51 cities. For more than 125 years, PGE has been delivering safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. With approximately 2,900 employees across the state, PGE is committed to helping its customers and the communities it serves build a clean energy future. For more information, visit PortlandGeneral.com/CleanVision.

Safe Harbor Statement

Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding earnings guidance; statements regarding future load, hydro conditions, wind conditions and operating and maintenance costs; statements concerning implementation of the company’s integrated resource plan; statements concerning future compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-looking

4

statements are subject to risks and uncertainties, including reductions in demand for electricity and the sale of excess energy during periods of low wholesale market prices; operational risks relating to the company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete capital projects on schedule or within budget, or the abandonment of capital projects which could result in the company’s inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company’s most recent annual report on form 10-K and the Company’s reports on forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including management’s discussion and analysis of financial condition and results of operations and the risks described therein from time to time.

POR-F

Source: Portland General Electric Company

5

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Dollars in millions, except per share amounts)

(Unaudited)

Three Months Ended June 30,

Six Months EndedJune 30,

2018

2017

2018

2017

Revenues:

Revenues, net

$

449

$

449

$

944

$

979

Alternative revenue programs, net of amortization

—

—

(2

)

—

Total revenues

449

449

942

979

Operating expenses:

Purchased power and fuel

104

118

234

259

Generation, transmission and distribution

71

81

140

162

Administrative and other

70

64

139

131

Depreciation and amortization

93

86

185

170

Taxes other than income taxes

31

31

64

64

Total operating expenses

369

380

762

786

Income from operations

80

69

180

193

Interest expense, net

31

30

62

60

Other income:

Allowance for equity funds used during construction

2

3

6

5

Miscellaneous income (expense), net

1

—

—

—

Other income, net

3

3

6

5

Income before income tax expense

52

42

124

138

Income tax expense

6

10

14

33

Net income

46

32

110

105

Other comprehensive income

—

1

—

—

Comprehensive income

$

46

$

33

$

110

$

105

Weighted-average shares outstanding—basic and diluted (in thousands)

89,215

89,063

89,188

89,033

Earnings per share—basic and diluted

$

0.51

$

0.36

$

1.23

$

1.18

Dividends declared per common share

$

0.3625

$

0.3400

$

0.7025

$

0.6600

6

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

June 30, 2018

December 31, 2017

ASSETS

Current assets:

Cash and cash equivalents

$

48

$

39

Accounts receivable, net

162

168

Unbilled revenues

86

106

Inventories

85

78

Regulatory assets—current

56

62

Other current assets

56

73

Total current assets

493

526

Electric utility plant, net

6,840

6,741

Regulatory assets—noncurrent

441

438

Nuclear decommissioning trust

42

42

Non-qualified benefit plan trust

38

37

Other noncurrent assets

55

54

Total assets

$

7,909

$

7,838

7

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS, continued

(Dollars in millions)

(Unaudited)

June 30, 2018

December 31, 2017

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

103

132

Liabilities from price risk management activities—current

51

59

Current Portion of long-term debt

300

—

Accrued expenses and other current liabilities

225

241

Total current liabilities

679

432

Long-term debt, net of current portion

2,126

2,426

Regulatory liabilities—noncurrent

1,348

1,288

Deferred income taxes

378

376

Unfunded status of pension and postretirement plans

280

284

Liabilities from price risk management activities—noncurrent

136

151

Asset retirement obligations

192

167

Non-qualified benefit plan liabilities

107

106

Other noncurrent liabilities

198

192

Total liabilities

5,444

5,422

Equity:

Portland General Electric Company shareholders’ equity:

Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of June 30, 2018 and December 31, 2017

—

—

Common stock, no par value, 160,000,000 shares authorized; 89,238,206 and 89,114,265 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively

1,208

1,207

Accumulated other comprehensive loss

(8

)

(8

)

Retained earnings

1,265

1,217

Total equity

2,465

2,416

Total liabilities and equity

$

7,909

$

7,838

8

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Six Months Ended June 30,

2018

2017

Cash flows from operating activities:

Net income

$

110

$

105

Adjustments to reconcile net income to net cash provided by operating activities:

Cautionary Statement Information Current as of July 27, 2018 Except as expressly noted, the information in this presentation is current as of July 27, 2018 — the date on which PGE filed its quarterly report on Form 10-Q for the quarter ended June 30, 2018 — and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law. Forward-Looking Statements Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include: statements regarding earnings guidance; statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the company’s integrated resource plan; statements concerning future
compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including: reductions in demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; failure to complete capital projects on schedule or within budget, or the abandonment of capital projects, which could result in the company’s inability to recover project costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company’s most recent annual report on form 10-K and the company’s reports on forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including management’s discussion and analysis of financial condition and results of operations and the risks described therein from time to time. 2

Renewable RFP May 2018 June 2018 October 2018 End of 2018 Final RFP issued Proposals received Short list to be Final contract submitted to OPUC execution expected • OPUC acknowledged 100 MWa renewable need identified in 2016 Integrated Resource Plan in December 2017 • Competitive Renewable RFP1 process includes oversight by independent evaluator and review by OPUC • PGE and its partner submitted a benchmark resource ▪ 300 MW nameplate capacity ▪ Qualifies for 100% Production Tax Credit (1) See docket UM 1892 on the OPUC website for details 5

Guidance and Assumptions • $0.12 per diluted share attributed to Carty settlement Revised • Retail deliveries flat to prior year, weather-adjusted 2018 EPS • Normal hydro conditions for the remainder of the year based Guidance: on the current hydro forecast • Wind generation for the remainder of the year based on 5 years of historical levels, or forecast studies when historical $2.25 data is not available to • Normal thermal plant operations for the remainder of the year $2.40 • Depreciation and amortization expense between $365 and $385 million • Operating and maintenance expense between $565 and $585 million • Assumes OPUC approval of the customer information and meter data management systems deferral application 6